AN ACT TO PROVIDE A COST-OF-LIVING ADJUSTMENT FOR RETIREES OF THE TEACHERS' AND STATE EMPLOYEES' RETIREMENT SYSTEM, THE JUDICIAL RETIREMENT SYSTEM, AND THE LEGISLATIVE RETIREMENT SYSTEM.
Amends GS 135-5, concerning retirement benefits for teachers and state employees, adding new subsection (uuu), providing for cost-of-living increases of 1.5%.
Amends GS 135-65, concerning retirement benefits for individuals in the consolidated judicial retirement system, adding new subsection (ff), providing for cost-of-living increases of 1.5%.
Amends GS 120-4.22A, concerning retirement benefits for members of the legislative retirement system, adding new subsection (z), providing for cost-of-living increases of 1.5%.
Appropriates $63 million from the General Fund to the Reserve for Retiree Cost-of-Living Adjustments for the 2016-17 fiscal year to implement the cost-of-living adjustment authorized in this act.
Effective July 1, 2016.
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